The business community can be just as anxious as consumers about the introduction and implications of new technology as it hits the market, especially if that technology has the potential to present sweeping changes to landscapes that have become familiar.
Consider the upheaval and benefits of the Industrial Revolution, the dot-com boom, and the introduction of social media. Both presented progress while also eliminating the need for practices and services that had, until then, thrived.
Progress, it turns out, is an inevitability. And the latest example of that evolution is artificial intelligence. The most notable and most recognizable new technology being talked about and used on a broad scale is ChatGPT, an AI-powered chatbot released in late 2022.
Google has shaken things up with its release of Gemini AI in December 2023. Deeming it their “largest and most capable AI model”, safe to say this is a new generation of artificial intelligence. It represents a significant leap in AI capabilities and is seen as a response to the advancements made by other AI developers, such as OpenAI and ChatGPT.
Gemini has intensified the competition among AI developers. Its release pushes other companies to accelerate their own AI research and development, sending us deeper into the AI universe, despite hesitance among the masses. Also, the introduction of such powerful AI models raises Issues such as data privacy, AI bias, and the potential for misuse. These concerns are valid, but we can only learn more about AI implications as they develop.
As a company, TruNorth is eager to be at the forefront of the ever-evolving industry that is marketing. With the introduction of new technology, we rise to the occasion of educating ourselves and in turn educating our clients on what is best for their business.
Its introduction inspired media stories, enticed users and sparked constructive conversation around AI regulation, its benefits and the potential consequences of integrating artificial intelligence in general into our everyday lives — even though it’s been around in more covert capacities for some time. Right, Alexa?
All kidding aside, the use of artificial intelligence is a new horizon for mankind and it presents a number of ethical considerations, including authenticity in work and potential job loss for some industries.
But, from a business perspective, it’s interesting to consider the benefits artificial intelligence may offer when it comes to creating efficiencies. Most notably, artificial intelligence has the ability to help business owners automate certain processes, eliminating the need for a human operator.
While the downside is job loss, the upside is the potential for cost savings, fewer errors, less downtime, and more consistency across the board. Of course, the benefits of AI for business owners extend beyond automation, including:
- Chatbots for customer service
- Data analysis that predicts customer preferences
- Preparing sales forecasts
- Competitive analysis
- Improved Decision Making with Data Mining
AI, it seems, is here to stay. And it will evolve as the full capacity of its capabilities is understood and leveraged in the coming years, hence the trepidation and concern among some users and tech leaders. It is, essentially, the new frontier.
AI can pose risks to your business if not implemented thoughtfully and responsibly. Like any software, it is important to educate yourself to avoid disaster while utilizing it. The same can be said for adopting AI into your business. Here are some negatives of AI:
- AI systems can make errors or produce misleading results without dedicated human oversight
- Integrating AI with existing systems can be challenging and may cause disruptions if not managed properly
- AI systems need lots of data, which can be targeted by cyberattacks
- Lack of communication and training may lead to employee resistance to AI adoption, resulting in decreased productivity and engagement
We take these concerns seriously. We commit to exploring the truth and we will find the answers you need to bring you peace of mind.
A recent analysis by Allianz predicts that AI will boost corporate profitability by nearly 40% by the year 2035. How it will impact industries depends very much on the type of work being done and the support that is needed to create efficiencies.
Beyond AI, the technology landscape is poised to expand considerably in the months and years ahead, beginning with an expanded Metaverse, an increasingly cohesive merger between the digital and physical worlds, advancements in blockchain technology, and progress with autonomous systems.
In addition, Forbes reports robots will begin looking and acting more human, green technology will mature and expand, quantum computing is being developed at scale, sustainable technology will become more common and available, and gene editing will accelerate.
Through honest and transparent conversations, TruNorth will share our experience and counsel as if your business were our own. To better understand how AI may create efficiencies from a marketing perspective for your organization, reach out to our team. Let’s see what’s possible.
TruNorth Advisors, with locations in Arizona and New York, is a results-driven advisory firm
that serves clients from coast to coast at every stage of their journey — from start-ups to established brands. TruNorth believes the traditional agency model is broken and sees education, transparency, and accountability as the solution. Learn more about TruNorth, the work we are doing, and the growth-minded partnerships we have developed.